Market conduct that appears to be in breach of the Market Conduct Rules will be further investigated and a case against a breaching participant will be opened. Market Surveillance will continue its investigations, e.g. by gathering information from the relevant market participant(s), and if relevant, other parties or authorities.
If the suspicions cannot be invalidated, a report with findings of suspected breach of legal provisions will be sent to the Norwegian Supervisory Authority (Finanstilsynet).
If any investigations lead to the conclusion of a performed breach on the Market Conduct Rules at Nasdaq, the case can also be brought forward to the Disciplinary Committee. This Committee is responsible for making recommendations to the Nasdaq Oslo ASA Board of Directors as to issuing adequate sanctions. Any sanction made by the board will then be made public on Nasdaq website.
Any sanctions made by Nasdaq Oslo can be appealed to the Exchange Appeal Committee, which is a publicly appointed and independent appeal body for administrative decisions taken by Norwegian exchanges and authorized marketplaces.